Precision Engineered Technologies LLC, a portfolio company of Joshua Partners, has acquired a controlling stake in Ray Industries LLC. Financial terms weren’t announced. Waukesha, Wisconsin-based Ray Industries makes advanced precision parts and components for the aerospace, defense, medical industrial and energy industries.
NEWTOWN, Pa., May 1, 2015 /PRNewswire/ — Joshua Partners, a leading investment firm focused on lower middle market companies, announced today that Precision Engineered Technologies, LLC (“Precision”), its precision machining platform company, has acquired a controlling interest in Ray Industries, LLC (“Ray” or the “Company”), located in Waukesha, WI, one of the nation’s premier advanced precision parts and components manufacturers utilizing Roll-Threading technology for the Aerospace, Defense, Medical, Industrial and Energy industries.
Charles Corpening, the Chairman and Founder of Joshua Partners, stated, “Raymond Fish and his team have built the Company into a world class provider of high tech precision machined components utilizing state of the art roll-threading technologies developed by the Company over the past 40 years. The Company provides Precision additional customer diversification while helping to accelerate our internal growth initiatives in existing markets through greater scale and capability.”
“We are excited about our new partnership with Precision and Joshua Partners,” said Raymond Fish, founder of Ray Industries. “We have known the Precision management team for years and their commitment to customer service and quality and their 30 year knowledge with Roll Threading will assist the Company in taking the next needed growth steps. We look forward to working with Precision and Joshua Partners to realize our full growth potential.”
Precision’s President, Brian K. Murray said, “We welcome the addition of Ray to our precision manufacturing platform. The Company is a great strategic fit into our Power Generation group and allows us to bring that market a complete machining solution, including Multi-axis CNC Turning and Milling (Up to 7 axis), Deep Hole Gun Drilling, Electrical Discharge Machining (EDM), Boring, as well as the Roll Threading (parts up to 8″ in diameter). Roll threading is the most cost efficient way to produce a thread and typically yields parts that are 30% stronger than a thread that is cut into material. The leadership at Joshua Partners has a long history of successfully partnering with entrepreneurial management teams with a strong vision of growth. With Joshua Partners’ sponsorship, we look forward to pursuing acquisitions of additional precision machining companies in the near future.”
About Joshua Partners
Founded in 2007, Joshua Partners is a non-traditional private equity firm dedicated to finding and partnering with talented management teams with a strong vision of growth, either internally through new product development or capacity expansion or externally via add-on acquisitions. Joshua Partners is focused on building a highly select number of middle-market companies into enterprises with global scale and performance capabilities. Joshua Partners seeks to make control investments in market leading businesses with revenues of$10 million to $100 million, operating in defensible and highly differentiated niche markets. Please contact Joshua Partners regarding potential acquisition or commercial opportunities in the precision engineered machining sector. Additional information is available atwww.Joshuapartners.com.